Tin prices fell on October 13. According to Mysteel's survey, the 1# tin ingot quote was in the range of Yuan 396,000-398,000/tonne, averaging Yuan 397,000/tonne, down Yuan 1,500/tonne from the previous trading day. In market trading, some smelters held firm on prices, while shipments were moderate. Downstream restocking appetite was weak, with only a few enterprises making essential purchases; trades were mostly around Yuan 397,000/tonne. End-user orders showed no clear growth, and overall spot trading was subdued. Looking ahead, although feedstock tightness and maintenance at leading smelters are expected to provide some support to the price floor, a high U.S. dollar index, weak semiconductor performance, and rising domestic inventories are likely to weigh on tin prices. Overall, tin prices are expected to remain rangebound with a downward bias in the near term. Attention should be paid to the release of U.S. September CPI; if inflation beats expectations, revived rate hike expectations would further pressure tin prices.
